Posted by Philip on August 05, 2003 at 20:56:58:
Really. I did just that. One lady was rude, but she still answered me, which was funny.
She got 7300.00 for a 12X 48…which is a little high, but it is in the most popular senior park in the area, next to lots of health care.
Philip
Just made repo offer… - Posted by Brett
Posted by Brett on August 05, 2003 at 15:02:09:
I just made an offer on a repo at Oakwood…
1996 56x14, asking $9600, in a park, $400 in taxes and back lot rent due, I also gave them a list of things wrong (skirting, walls, carpet, busted doors, etc.) totalling what “I” estimate to be another $2000 worth of repairs.
Also, the previous owner sold the a/c, w/d, and fridge and I dont think Oakwood even knew about that…the park owner told me, teehee!
So here’s my “math”…9600-400-2000-1500(appliances), comes to a more realistic price of $4300, I offered 2500 cash, the lady said she would call me back.
Whats the odds of me getting this place…Is there a close “formula” or something I should use in order to get these repos?
Thanks, Brett in TN.
Re: Just made repo offer… - Posted by B A MARSHALL
Posted by B A MARSHALL on August 07, 2003 at 14:39:43:
Deal didn’t happen…they said 4800 is the lowest they could go, still almost half off!
Oh well…I hope they enjoy their mobile, haha. Let it rot!
Re: Just made repo offer… - Posted by Brett
Posted by Brett on August 06, 2003 at 08:56:08:
The market here in East TN. is also kinda slow, everbody has these $15,000 newer mobiles that they just want someone to take over payments…not exactly Lonnie deals. It seems to be very tough to find a 80’s model mobile selling for $2000-6000, which is the price range I try and shoot for.
I figure I could sell this mobile from Oakwood (if they accept) for $6500 cash, $8000 financing all day long…probably more, but I always try and go for the “quick cash” sale.
The deals are HARD to find…but once you find them and advertise aggresively, they seem to sell pretty good.
We sold a 1980 14x70 in fair shape for $4500 cash (paid $1500) and a 1985 14x52 in poor/fair shape for $4500 cash (paid $2600)
Re: Just made repo offer… - Posted by Tennessee Bob
Posted by Tennessee Bob on August 06, 2003 at 07:07:31:
Brett,
How is the market in the Knoxville area? I’m in West Tennessee and the market seems slow. I did recently buy and sale for cash, a home similar to the one you put the bid on. It was a 95 14 x 52 with appliances in PERFECT condition. Original owner wanted $9000, sold to me for $4750 cash. I sold for $7900 cash within a month. Most of the homes in this area are newer and up-side-down on the loan. Not many homes in the 1k-5k range being sold right now.
Let us know how your deal with Oakwood works out.
Good Luck and God Bless
Tennessee Bob
Re: Just made repo offer… - Posted by Seanjon
Posted by Seanjon on August 05, 2003 at 22:38:19:
Curious question but where did you find the repos at? Thanks ahead of time
Seanjon
Re: Just made repo offer… - Posted by Lyal
Posted by Lyal on August 05, 2003 at 16:07:45:
Brett,
The bigger question is what can you sell it for (with financing)?? What have you done to ascertain what the home will sell for in your market? After you know that, you can approximate what you can pay for it. Whether or not that’s a price they will accept is irrelevant. That’s the price you can pay and guarantee youself a profit. If they won’t bite, move on, there are many others.
All the best, Lyal
Lyal… - Posted by TonyOhio
Posted by TonyOhio on August 05, 2003 at 18:15:52:
How do you ascertain what a MH will sell for in your area? Do you run test adds or search records? I have DOW but just wondering how others test their area, thanks , Tony
I aint Lyal but in my neck of the woods - Posted by Philip
Posted by Philip on August 05, 2003 at 19:10:59:
You just nose around a lot. Ask folks in parks, park managers, park owners, dealers…and then add some for your risk.
Plus you look at about 20 different mobiles that might be similar and what they are asking and then, if you can, what they sold for.
You have to snoop around a while.
Also, don’t sell yourself short. I have a park owner that gets 5000.00 for 10’X 50’ OLD mobiles. He runs a good park and keeps the mobiles in good shape.
And those prices are in a low cost of living area.
Philip
Re: I aint Lyal but in my neck of the woods - Posted by Lyal
Posted by Lyal on August 05, 2003 at 20:19:47:
Phil,
Good advice. One other source I have used is month-old ads from the Pennysaver type papers. Find something comparable and call on it. If it’s sold, follow up with something like “You know, I’m trying to figure out how much I’m going to have to spend, can I ask how much it sold for?” Some people will yell at you or hang up but most will tell you.
Advertised prices don’t mean squat. Prices that homes acually SOLD for are the most accurate indicator of your market.
Lyal
and this week - Posted by Philip
Posted by Philip on August 05, 2003 at 21:02:07:
I bought a very similar mh in a very similar, but not senior, park for $1,800.
Should sell for about $4,500.00+ with financing.
Closest deal to Lonnie’s book that I have stumbled upon. Plus it opened up another small park of 45 spaces or so.
PM references from other parks sealed this park owner on the deal; and he will let me L/O if I want to.
Philip